Bitwise Adds Another 77,097 HYPE Through FalconX As Fund Demand Continues

Bitwise has added another 77,097 HYPE through FalconX, a purchase worth about $5.18 million at roughly $67.20 per token.

The latest flow extends one of the strongest institutional demand stories around Hyperliquid. Bitwise has already been accumulating HYPE through product-linked wallets, with earlier buying helping turn the token into one of the most closely watched large-cap DeFi assets in the market.

The move follows a previous Bitwise HYPE purchase worth about $24 million, which added 336,474 HYPE while the token was trading near record highs. That earlier accumulation showed that fund-linked demand was not waiting for a deep pullback before adding exposure.

BHYP Keeps HYPE In The Institutional Lane

The buying ties back to Bitwise’s Hyperliquid product push. The Bitwise Hyperliquid ETF launched in May under the BHYP ticker, offering spot HYPE exposure with in-house staking through Bitwise Onchain Solutions.

That structure makes HYPE different from a normal altcoin momentum trade. A listed product needs underlying token exposure, while staking can reduce immediately liquid supply when fund holdings are locked to earn rewards. As more capital enters the product, spot-market demand can become part of the token’s market structure.

Bitwise Chief Investment Officer Matt Hougan has also kept Hyperliquid in focus, arguing that investors may still be undervaluing the platform as it expands beyond crypto perps into a broader trading infrastructure stack. That view helped strengthen the same institutional narrative behind HYPE holding firm near record levels.

Hyperliquid Demand Still Has Market Impact

HYPE traded near $67 during the latest purchase, with a market capitalization around the $15 billion area. The token remains one of the standout performers in large-cap crypto, supported by Hyperliquid’s high-volume derivatives exchange, builder revenue, buyback mechanics and fund-linked accumulation.

Hyperliquid’s wider market position has also strengthened. The exchange recently reached a record 8.3% share of global perpetual open interest, reinforcing the idea that HYPE demand is connected to real trading activity rather than only speculative token rotation.